The Daily Hit is a recap of the top financial news stories for July 24, 2023.
On the Site
Big Name Marijuana Brands Dive Into Intoxicating Hemp Products
At least four high-profile companies have already made the leap in varying forms, including California-based Cookies, New York-based Curaleaf, Mike Tyson’s celebrity brand Tyson 2.0, and California cannabis brand Jeeter. Read more here.
New York’s Empire Cannabis Club Pledges to Take Regulators to Court
Unlicensed marijuana retail chain Empire Cannabis Club – which has six locations spread around New York City – is intent on taking state regulators to court in order to prove its legality. Empire’s owners said they will defend their business model as legal, pursuant to the 2021 Marijuana Regulation and Taxation Act, which includes a “safe harbor” provision for marijuana membership clubs. Read more here.
Massachusetts Social Equity Fund Never Funded
A special state fund in Massachusetts created in 2022 by lawmakers to route millions of dollars in aid to social equity entrepreneurs was never given a single dollar, and so has never awarded any monies to social equity cannabis companies. Read more here.
Body and Mind to Sell Ohio Dispensary to PA MMJ Operator FarmaceuticalRX
Body and Mind Inc. (CSE: BAMM) (OTCQB: BMMJ) agreed to sell its Ohio dispensary for more than $8 million, the company announced Monday. The sale is part of Body and Mind’s ongoing strategy to enhance its operating flexibility as it focuses on its other statewide stakes. The company also recently left the Michigan market. Read more here.
Leafly Sued by Photographer for Using Tupac, Snoop Dogg Photos
The online dispensary locator app Leafly (OTC: LFLY) is in hot water for using a photographer’s images of rappers Tupac Shakur and Snoop Dogg. Photographer T. Eric Monroe, whose work has been featured in publications such as Thrasher and XXL Magazine, claims Leafly Holdings unlawfully published and displayed Monroe’s original photography on its website. Read more here.
In Other News
A new Minnesota state law, which kicks in Aug. 1, allows people 21 or older to use pot and legally grow and possess limited amounts of it. The law sets up a licensing structure and a state agency to regulate growers and sellers. But some decisions about where pot can be used and sold are left to municipalities – many of which are placing temporary bans on cannabis retail. Read more here.
Two Black farmers have received licenses to grow, process and sell medical marijuana in Florida, after a new state law helped clear the way for the long-awaited licenses. The Florida Department of Health issued the licenses July 11 to Suwannee County farmer Terry Donnell Gwinn and Bascom-based Shedrick McGriff. The farmers each met a Friday deadline to submit a required $5 million bond to begin operating, sources confirmed. Read more here.
The Albanian Parliament on Friday legalized cannabis for medical purposes in a country once known as a European crossroads for marijuana trafficking. The Parliament voted 69-23 to allow limited and controlled growth of cannabis plants, a move harshly contested by the opposition. Read more here.